I think you guys and gals are failing to acknowledge a key element. You brew because you love it or at least gravitate toward it. It’s a hobby (that results in beer, which we shall return to later). Imagine if you will that you are a golfer (no offence intended to golfing brewers). You buy cheap clubs at $300 or go top of the line for a gozillian dollars (as in any hobby). If you want beat a ball around the grass for several hours every few weeks you spend $35 to $85 in green fees. If you golf like me you will start with 20 balls and leave with none so we'll average $65 in green fees and $20 in balls gone every few weeks, no return. If you paintball [my last "hobby" which I have not done in 3 ½ years (daughter is 3 years old now)] you can get a "beginners" kit for about $80 (which you will hate after someone with a $1,000 paintball gun nails you 13 times before you can say "out"). By the way, it hurts. But before you can play you have to buy a $30 case of paint balls if you want cheap ones. Mind you, you can not buy cheap balls on the net, you must buy the field owner's paint balls. You leave the paintball field with less than you started with, no return, in fact, negative return, if you count the bruises you leave with. Lets not even get into flying hobby aircraft (gravity sucks) no return, hobby RC (did you see that crash?) no return, or racing actual cars, less than first place consecutively, no return, etc., etc, etc.
Now, back to home brewing. Same hobby investment levels $100 to a gozillian dollars. However, at the end of brewing, fermenting, bottling/kegging, which generated, for a dedicated brewer, as much fun/enjoyment as golfing, paint balling, RCing, racing etc. you get beer to drink for days or weeks. Very few other hobbies result in prolonged satisfaction.
If you value your FREE time at (lets go cheap here) $50 an hour, you must subtract $50 for every hour you spend brewing, botteling, (maybe even drinking) from your brewing costs, because you love it and you do it because you love it.